Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images
Consumer goods giant Unilever said Friday that it would halt all ad spending on Facebook, Instagram, and Twitter through the end of the year, as first reported by The Wall Street Journal. Unilever owns dozens of popular household brands like Hellmann’s mayonnaise and Dove soap, and typically spends more than $1 billion each year promoting them through various ad channels.
As of press time, Facebook’s stock had fallen more than 7 percent in the wake of the news.
“We invest billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies,” a Facebook spokesperson told NBC News. “We know we have more work to do, and we’ll continue to work with civil rights groups, GARM,…